AUD/USD Technical Analysis: Aussie near daily lows - 0.7400 target still on

AUD/USD bear is on hold for the 6th consecutive day as bulls are creating a bullish pullback.
AUD/USD is evolving in a bull channel with a rising 200-period simple moving average (SMA) suggesting bullish momentum. The 50 SMA crossed below the 100 SMA suggesting that the market is in pullback mode. Targets to the upside are located near 0.7380 and 0.7407 May 8 low.
A sustained bear breakout below 0.7294 would invalidate the bullish bias.

Flavio Tosti Independent Analyst

AUD/USD 15-minute chart

Spot rate: 0.7346
Relative change: -0.28%
High: 0.7371
Low: 0.7332

Main trend: Bearish
Short-term trend: Bullish above 0.7294

Resistance 1: 0.7364 June 28 high
Resistance 2: 0.7380 June 26 low
Resistance 3: 0.7407 May 8 low

Support 1: 0.7345 August 3 low
Support 2: 0.7294 August 13 high
Support 3: 0.7255 August 13 low
Support 4: 0.7200 figure
Support 5: 0.7159 December 26, 2016 low
Support 6: 0.7100 figure

Author

Flavio Tosti

Independent Analyst

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